Putin Legalizes Use of Crypto for International Trade

Bittime - President of Russia, Vladimir Putin, just signed a new law allowing the use of crypto in international trade. 

The move is part of Russia's efforts to accelerate the development of digital technology, including cryptocurrencies, in cross-border trade.

New Law to Advance Digital Technology

On August 8, Putin signed a law establishing an experimental legal framework for promoting digital technologies, particularly in the use of cryptocurrencies for international trade. 

This law allows for the modification or elimination of certain legislative provisions to facilitate crypto transactions, including in cross-border trade. 

Additionally, the law also introduces changes to key definitions such as “currency value” and “electronic platform,” as well as changing the regulations governing crypto trading platforms and procedures for incorporating digital currencies into the financial system.

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Supervision by the Central Bank of Russia

Within this legal framework, the Central Bank of Russia is authorized to supervise pilot projects related to the use of crypto, including the settlement of foreign trade with crypto, the organization of digital currency trading, and the development of electronic platforms in the national payment system. 

Central Bank Governor, Elvira Nabiullina, stated in July that the first crypto transactions under this new regime would likely occur before the end of the year.

Approval from the Ministry of Finance and Security Institutions

Any experimental legal regime involving digital currencies must receive approval from Ministry of Finance of Russia, Federal Security Service (FSB), and Federal Financial Monitoring Service (Rosfinmonitoring). 

In addition, this law also allows modifications to the rules regarding the deposit insurance system, Central Bank payment system, and consumer loan dispute resolution.

New Regulations for Crypto Mining

Apart from this law, Putin also signed another law regulating crypto mining in Russia. 

The law is scheduled to come into effect later this year, which is expected to further strengthen Russia's position in the global digital currency ecosystem.

Conclusion

With the signing of this new law, Russia is moving forward in the use of cryptocurrencies for international trade. 

This move shows Russia's commitment to adopting digital technology on a wider scale, which has the potential to change the global trade landscape. 

The Russian Central Bank, along with other institutions, will play a key role in overseeing and implementing these projects, with the hope that the first crypto transactions will take place before the end of the year.

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